Thank you for all of the wonderful advice and insights!

On the other hand, the renters are buying that investment for me... but 27 more years is a damn long time for that to payoff.As far as selling, we owe $235 and the same realtor told me it would sell for $285k to $295.So now as I'm thinking about it, getting ~$40k immediately by selling is sounding better and better.I guess the third option... rent it for a few years while the market hopefully keeps going up, and sell it while the place still seems nice and new.I would greatly appreciate any insights, thoughts, advice....

Can anyone provide some insight on what to say and how to structure this?  

This allows me to do a 1031 exchange and get into newer properties with better tax advantages (once I have used up most of the depreciation from the previous rental), and it allows me to never deal with deferred maintenance issues that increase my cost of ownership.

Can you refi, right after close of transaction on a 1031 exchange to pull money out for other investments or use?

So if any of that information is incorrect, I'd appreciate some insight, so I can present more accurate numbers to a lender.

Key exchange issues.

Hello All,I'm looking to get some insight on buy and hold multifamily investing in the Allentown-Bethlehem-Easton area.  

@Bill Gulley, do you have any counterpoints and or insights that lead you to advise an attorney?

@Jay HinrichsThanks for the insight!